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HomeMy WebLinkAbout9540746010918637 AGREEMENT, ESTOPPEL AFFIDAVIT, AND 006484 STATEMENT OF VOLUNTARY SURRENDER WHEREAS,THIS AGREEMENT, ESTOPPEL AFFIDAVIT, AND STATEMENT OF VO UNTARY SURRENDER is made and entered into as of this A 4i day of 2010 by and between Val D. Rappleye and Kristene Rappleye, "Grantor(s) whose present mailing address 1046 South Washington, Afton, WY 83110 and the BAC Home Loans Servicing, L.P., (the "Grantee whose mailing address is 400 Countrywide Way, SV 35, P.O. Box 10232, Simi Valley, CA 93065 -6298. WITNESSETH: 1. On November 16, 2007, Grantors executed and delivered a mortgage (the "Mortgage in favor of the Mortgage Electronic Registration Systems, Inc., as nominee for E- Loans, Inc., whose underwriter was the Grantee, originally encumbering the property covered by said Mortgage, which is described as follows: LOT 57 OF STAR VALLEY RANCH SUBDIVISION PLAT 12, LINCOLN COUNTY, WYOMING, AS SHOWN ON THE OFFICIAL PLAT THEREOF FILED AUGUST 10, 1977, AS RECEIVING NO. 496703, IN THE OFFICE OF THE CLERK, LINCOLN COUNTY, WYOMING, AS PLAT NO.209 with an address of 368 Alpine Way, Star Valley Ranch, WY 83127 Hereto and by this reference made a part hereof, together with all buildings and improvements situate on said real property and all fixtures and appurtenances thereto (collectively the "Property and securing a promissory note "Note") of the same date. 2. Said Note was secured by the Mortgage dated November 16, 2007 in the original principal amount of $373,500.00 which was executed and delivered by Grantors to Mortgage Electronic Registration Systems, Inc., as nominee for E- Loans, Inc., whose underwriter was the Grantee, together with interest and other indebtedness described in the Mortgage. The Mortgage was recorded in the records of the office of the County Clerk and ex- officio Register of Deeds in and for Lincoln County, State of Wyoming, on February 26, 2008, at Reception No. 937183 in Book 687 at Page 857. 3. The mortgage was assigned for value as follows: Assignee: BAC Home Loans Servicing, L.P. Assignment dated: February 3, 2010 Assignment recorded: February 12, 2010 Assignment recording information: at Reception No. 952151 in Book 742 at Page 444 All in the records of the County Clerk and ex- officio Register of Deeds in and for Teton County, Wyoming. 4. Grantors are in default in the payment of the principal and accrued interest due on the Note and in certain other matters described in the Note and the Mortgage, and are unable to otherwise meet their obligations in full thereunder. As a result of such default, the Grantee has elected to accelerate and declare the entire unpaid principal balance, accrued but unpaid interest, and other indebtedness due under the Note and the Mortgage immediately due and payable. As of December 14, 2009, the aggregate amount due and owing to the Grantee on the Note and the Mortgage, together with accrued but unpaid interest thereon and protective advances, but not including attorneys' fees and costs of collection, is $370,876.20 (the "Indebtedness 5. Grantors acknowledge that the Indebtedness of $370,876.20, plus attorneys' fees and costs of collection is due and owing to the Grantee on the DILPkg RECEIVED 6/23/2010 at 3:45 PM RECEIVING 954074 BOOK: 749 PAGE: 484 JEANNE WP I irirni NI rni !MTV r.i FRK KFMMFRFR WY DIL Package Rappleye 09 -29282 Page 1 of 3 A9 4i5 Note and the Mortgage; that Grantors have defaulted in the payment of the Note and in certain other matters described in the Note and the Mortgage; and that as a result of such default, the Grantee is, and has been, entitled to foreclose the lien of the Mortgage as to the property. 6. For good and sufficient consideration, Grantors have, contemporaneously with the execution of this Agreement, made, executed, and delivered to the Grantee, its successors and assigns, (a) a deed in lieu of foreclosure dated as of even date herewith, conveying to the Grantee all of Grantors' right, title, equity including their equity of redemption and statutory right of redemption. Grantors hereby acknowledge, agree, and certify that the conveyance of the property to the Grantee under the respective terms of the Deed in Lieu of Foreclosure constitutes, as a whole, the absolute conveyance and unconditional sale to the Grantee of all of Grantors' right, title, equity, and interest of every kind and character in and to the property, together with any and all buildings and improvements thereon situate and any and all fixtures and appurtenances thereto, with a full release of all homestead rights, if any, in and to the property and also constitutes, as a whole, the conveyance, transfer, and assignment to the Grantee of all of Grantors' rights of possession thereof, rights to rentals and profits therefrom, and equity of redemption and statutory right of redemption in and to the property. 7. Grantors acknowledge, agree, certify, and warrant that they have full power and authority to execute and deliver the Deed in Lieu of Foreclosure and this instrument; that the Deed in Lieu of Foreclosure and this instrument are valid and legally binding upon Grantors, enforceable against them in accordance with its terms. Grantors further acknowledge, agree, certify, and warrant that the transaction contemplated by the Deed in Lieu of Foreclosure and this instrument are of a tangible benefit to them and that the Deed in Lieu of Foreclosure has been given voluntarily by Grantors to the Grantee, in good faith on the part of Grantors and the Grantee, without any fraud. 8. Grantors acknowledge and agree that the Deed in Lieu of Foreclosure is intended and understood to be an absolute conveyance and unconditional sale to the Grantee with full extinguishment of Grantors' equity of redemption and statutory right of redemption, with full release of Grantors' right, title, and interest of every kind and character in and to the property; that such conveyance was not, and is not now, intended as a mortgage, trust conveyance, deed of trust, or security instrument of any kind; and that the consideration for such conveyance is as recited in this Agreement. 9. Grantors acknowledge and agree that the Deed in Lieu of Foreclosure shall not restrict the right of the Grantee, at its election, to institute a foreclosure of the lien of the Mortgage as to the property, and that while Grantors have been personally released from any further liability for payment of the Note, the Grantee may retain the lien of the Mortgage as to the property and any and all evidences of the released portion of the Indebtedness secured thereby, and may deem the released portion of the Indebtedness unpaid and in default for the purpose of instituting and perfecting foreclosure of the property pursuant to law as against third parties who may have or claim an adverse interest in or a lien upon any of said Property. The Grantee agrees to release, in whole or in part, the property from the lien of the Mortgage when and as it sells the Property. Grantee has forgiven and fully released Grantors from any and all debt, obligation, cost and charges existing under and by virtue of the promissory note dated November 16, 2007. However, nothing contained in this Agreement shall be interpreted or construed to prejudice those contractual rights of Grantors which have vested under this instrument and the Deed in Lieu of Foreclosure. 10. Grantors hereby agree that: (a) Grantors are and shall remain liable for satisfaction of utility bills and charges for water, fuel, oil, heat, electricity, DILPkg DIL Package Rappleye 09 -29282 Page 2 of 3 power, sewer, sanitation, and other utilities or services used at the buildings, if any, located on the property through the date of this agreement; and (b) The acceptance by the Grantee of title to the Real Property in lieu of foreclosure pursuant to the terms of the Deed in Lieu of Foreclosure shall not create any obligations on the part of the Grantee to third parties who have claims of any kind whatsoever against Grantors with respect to the Real Property, and the Grantee does not hereby assume or agree to discharge any claims of such third parties or any liabilities of Grantors in any way connected with or pertaining to any of the Real Property. 11. Grantors and the Grantee acknowledge and agree that the interest that has been acquired by the Grantee in the Real Property pursuant to the Deed in Lieu of Foreclosure shall not merge with the interest of the Grantee in such property under the Mortgage. It is the express intention of each of the parties hereto that such interest shall not merge, but shall be and remain at all times separate and distinct, notwithstanding any union of such interest in the Grantee at any time by purchase or otherwise, and that the right, title, interest, and lien of the Grantee in the property created by the Mortgage shall be and remain at all times valid and continuous. Nothing contained in this Agreement shall be interpreted or construed to prejudice those contractual rights of Grantors which shall have vested under this instrument and the Deed in Lieu of Foreclosure. 12. This Agreement has been made and executed for the protection and benefit of the Grantee, and the Grantee's successors and assigns, and all other parties hereafter dealing with or who may acquire an interest in the property which is the subject of the Deed in Lieu of Foreclosure and this instrument; and the Deed in Lieu of Foreclosure and this instrument shall bind the respective legal representatives, successors, and assigns, as applicable, of Grantors. IN WITNESS WHEREOF, the undersigned have caused this Agreement, Estoppel Affidavit, and Statement of Voluntary Surrender to be executed and delivered as of the day and year first above written. My Commission Expires: DILPkg ACKNOWLEDGMENT STATE OF t.( J SS. COUNTY OF L1 CLAr. The foregoing instrument was acknowledged before me Val D. Rappleye and Kristene Rappleye this Per day of ..ke,rc1N 2010. Witness my hand and official seal. GRANTORS: Val D. Rappleye and Kristene Rappleye By: /13, .c�c 1 Val Rappleye r') No try Public 1 1Q Q kk vYL Title (and Rank) My Commission Expires August 3, 2011 f3 S G DIL Package Rappleye 09 -29282 Page 3 of 3